New Identity Verification and Account Screening Solution Helps Financial Institutions Grow Profitable Accounts While Moving Day 2 Processing to Day 1

NOVATO, CA – November 4, 2013 — Dragnet Solutions, Inc. announced today the availability of Release 2.0 of its Accelerated InsightSM (AI) identity verification and account-screening service for financial institutions.  Accelerated Insight 2.0 introduces an extension, Accelerated Insight WorkbenchSM, which enables financial institutions to send selected new customer data to back-office staff responsible for investigating account-opening situations that management would prefer not be handled by branch personnel. By establishing a real-time feed of Customer Identification Program (CIP) data from branches, AI Workbench enables institutions to eliminate overnight batch processing and move account analysis from Day 2 to Day 1, resolving account discrepancies the same day that accounts are opened.

Accelerated Insight is designed to resolve 90% of account discrepancies in real time in branches. Now the remaining 10% of discrepancies can be resolved later on Day 1, rather than overnight, using Accelerated Insight Workbench.

A mid-tier bank with a multi-state branch network has been using Accelerated Insight since November 2012 to improve account-screening match rates, to streamline account-opening, and to prevent fraud in a market with many unbanked and underbanked customers. The bank recently began using Accelerated Insight Workbench to streamline and accelerate its back-office processing of CIP data.

Accelerated Insight

Built on Dragnet’s proprietary discovery system, Accelerated Insight is a real-time identity verification service that helps institutions confidently say yes to more qualified applicants, including those with limited financial histories. Banks and credit unions use Accelerated Insight to answer three critical questions about account applicants. First, is this person who they say they are? Second, based on our understanding of their financial history, should we open an account for them and, if so, what type of account? Third, are they on a government list of people for whom institutions should not open accounts? Using Accelerated Insight, banks and credit unions can answer these questions, segment customers by profitability and risk, grow revenues, and prevent fraud, while complying with laws and regulations such as the USA PATRIOT Act, the Red Flags Rule, and OFAC.

Accelerated Insight Workbench

AI Workbench enables banks to resolve customer data discrepancies in a secure back-office environment on Day 1 rather than on Day 2. This same-day analysis helps institutions stop fraud operators before they have had time to create losses with debit cards or temporary checks.  Faster analysis also allows the institution to avoid unnecessary costs associated with opening an account that will closed later due to incomplete or fraudulent CIP data. AI Workbench also enables managers to centrally monitor new account-opening decisions based on selected criteria, so they can ensure that policies are applied consistently across all branches. All these benefits are available to institutions regardless of whether they are opening accounts in branches, online, or in some other remote situation.

“With AI Workbench, institutions that for decades have been forced to rely on overnight processing can now work smarter and faster by avoiding the time and costs associated with yesterday’s mistakes,” said Greg Cote, president and CEO of Dragnet Solutions, Inc.

“While the majority of new account issues can be resolved easily in the branch through Accelerated Insight, some banks and credit unions might prefer to resolve sensitive situations, such as OFAC matches and indications of fraud, away from the branch lobby,” Cote added. “AI Workbench enables CIP-trained back-office staff to quickly, methodically investigate this data and store updated customer records in a secure central repository. AI 2.0 brings both agility and rigor to the account-opening process.”

Accelerated Insight 2.is available immediately for banks, credit unions, and other financial institutions interested in growing profitable accounts while reducing operating costs and fraud.

For more information or to arrange a demo, please call +1 (650) 931-2350 ext. 1 or write to sales@dragnetsolutions.com.

About Dragnet Solutions, Inc.
Dragnet Solutions provides real-time identity verification and document authentication solutions to financial institutions, supporting aggressive account creation and cross-selling activities while cutting operating costs, reducing fraud, and facilitating KYC/CIP, Red Flags, and OFAC compliance. Built on Dragnet’s proprietary discovery engine, Accelerated Insight is the only identity verification solution that gives institutions the real-time ID and risk/confidence information they need to make confident decisions about applicants, including applicants in unbanked and underbanked communities. The company is privately held and headquartered in Novato, CA. For more information about Dragnet Solutions, visit www.dragnetsolutions.com.